Reagan biopic's $30M production hit chaos after Bank of America cut ties — and producers still don't know why

Becky Robertson

Wed, July 8, 2026 at 3:00 AM PDT 5 min read

Executives behind Reagan, the biopic that cast Dennis Quaid as the titular American icon, have just divulged that their firm was suddenly dropped by its financial institution in the midst of the feature film's production — and, years later, they still have no clue as to why.

It was the end of 2020, when the topic of "debanking" had not yet made headlines as it would in the weeks following the 2021 Capital Riots.

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RawHide Pictures was only a few months into filming the $30 million drama — and in peak holiday season of that year — when the team received a letter from the Bank of America stating that their accounts were being shuttered within 30 days.

In the communication, which RawHide shared with the New York Post (1) this week, the nation's second-largest bank wrote that it had "completed a review" of its relationship with the company, and concluded that it "wished to close" said relationship. No further explanation was given.

"As you are aware, your agreement with the bank allows either party to unilaterally exit the relationship at any time upon the required notice," stated the December 29 notice.

The producers, who had to try to transfer everything over to new accounts at another provider, told the Post that they still haven't received any justification for why the jarring move, which caused "irreparable and significant harm" to the project and business, was made, though they wondered if it was politically motivated.

"We are not a political entity but merely a film whose main character happened to spend part of his life in politics," they said.

Probe into debanking ongoing

The revelation comes while both the Department of Justice (2) and the Office of the Comptroller of the Currency (3) investigate allegations that banks such as Wells Fargo and Bank of America ideologically discriminated against members of the public, particularly following the 2021 Capital riots.

President Donald Trump, who himself was "debanked" after the incident (which JPMorgan Chase admitted to this February (4)), has taken institutions to task regarding what he calls (5)"unacceptable practices to restrict law-abiding individuals' and businesses' access to financial services on the basis of political or religious beliefs or lawful business activities." He has since signed an executive order to punish such practices.